[DigitalToday reporter Yoonseo Lee] XRP’s Binance volume indicator and futures open interest weakened at the same time.

The Crypto Basic, a blockchain outlet, reported on July 9 that as XRP’s bearish trend continued, its Binance volume Z-score fell into negative territory and futures open interest dropped to its lowest level in three months.

The key is weaker market participation. The 30-day Binance XRP volume Z-score recently stood at about minus 0.59. With XRP trading around $1.09, it means actual volume was lower than the recent 30-day average. That is read as a sign that fewer traders are entering the market actively.

In recent months, the indicator at times rose above 3. Trading surged then and price volatility also increased. The indicator later gradually moved back into negative territory. The figures show that market momentum has weakened and participation has fallen.

Still, a drop in volume alone cannot confirm further declines. Periods like this often appear when investors take a wait-and-see stance, waiting for developments that could bring in new liquidity. If the volume Z-score stays below average for a long time, the force behind the current price trend can weaken whether the market rises or falls.

The futures market is showing a similar trend. Binance data show XRP futures open interest recently fell to about 397 million XRP. That is the lowest level in more than three months. At the same time, XRP traded around $1.09 and fell 5.4 percent on the week.

A decline in open interest means outstanding futures positions have shrunk. It happens when existing positions are liquidated or fewer new positions enter the market. Compared with early this year, trading using leverage has slowed noticeably. It means futures participants are not betting aggressively as prices slide.

The figure is not a signal that confirms direction. A drop in open interest does not immediately mean further declines, but it is clear that fewer traders are participating in the XRP futures market. It can be interpreted as an environment in which investors are repositioning and waiting for clearer directional signals.

The backdrop is also not positive. XRP has fallen more than 40 percent so far this year. If the current trend continues, it could post its biggest annual decline since the 2022 bear market. As the broader cryptocurrency market stays weak, XRP is facing the same pressure.

A key point to watch is whether liquidity returns with a price rebound. If XRP recovers and open interest rises again, it could signal renewed inflows and a revival in trading activity. If open interest continues to fall, it can be read as meaning market participants remain cautious and are waiting until stronger signals emerge.